What Are the Benefits of Leveraging Technology in Supply Chain Management?

What Are the Benefits of Leveraging Technology in Supply Chain Management?

The world of supply chain is a complex and dynamic ecosystem. It serves as the lifeline of the global economy since it ensures that goods flow seamlessly from manufacturers to consumers.  

Yet, this intricate web of logistics and operations has challenges and risks. 

Navigating these hurdles is not just necessary. Instead, it’s a strategic imperative for companies operating today’s highly competitive business landscape.  

In this blog, you can explore how technology solutions can help address these challenges. 

What are the Key Challenges Faced in Supply Chain Management?

Before you learn about the potential solutions that technology brings, you must gain a deep understanding of the challenges that supply chain managers confront daily. These challenges include: 

- Rising Risks in the Supply Chain

The supply chain landscape is fraught with an increasing number of risks.  

These include geopolitical tensions, economic uncertainties, and global events that can disrupt the flow of goods.  

According to a recent survey, 82% of supply chain professionals say that supply chain disruptions are a top concern for their organization.

- Unexpected Delays

Delays in the supply chain can disrupt operations, leading to missed deadlines, customer dissatisfaction, and increased costs.  

Unpredictable factors, such as weather conditions can all contribute to unexpected delays.  

A 2023 report found that 64% of retailers experienced delays in shipping goods to their stores in the past year. 

- Cost Control

According to a study, supply chain costs account for an average of 70% of a company’s total costs.  

Controlling costs and ensuring optimal resource allocation is a persistent challenge in supply chain management. 

- Collaboration and Syncing of Data Across the Supply Chain

Effective communication and data sharing between various stakeholders in the supply chain are vital for seamless operations.

- Increasing Freight Prices

The rise in freight prices, influenced by factors like fuel costs and capacity constraints, poses a financial challenge to supply chain managers.  

Keeping shipping costs in check is crucial for maintaining profitability.

- Difficult Demand Forecasting

Accurate demand forecasting is essential for inventory management and cost control. However, it’s a complex task often fraught with uncertainties.  

Moreover, a study found that only 52% of companies are able to accurately forecast demand more than three months in advance. 

What Factors Pose Risks to the Supply Chain?

The global supply chain is susceptible to various risks that can disrupt operations, leading to financial losses and reputation damage. These risks include: 

- Threat from New and Emerging Competitors

The logistics industry is evolving rapidly, and new and emerging competitors are disrupting traditional models. Staying competitive in this shifting landscape requires adaptability and innovation.

- New Technologies Obsolescing Existing Transport Infrastructure

Advancements in technology, such as autonomous vehicles and drones, have the potential to disrupt traditional transport infrastructure.  

Supply chain companies must remain agile to adapt to these innovations and remain competitive. 

- Increased Complexity of Regulation

Global trade regulations are steadily growing in complexity, presenting a formidable challenge for logistics operations. Adherence to these intricate rules is no longer a choice but a necessity.  

Failure to comply can result in costly penalties and disruptive delays.  

Businesses must invest in compliance management and stay informed about regulatory changes. 

- Over-Dependence on National Infrastructure

National infrastructure is the critical physical and organizational systems that a country relies on to facilitate the movement of goods within its borders.  

Relying too heavily on national infrastructure means relying too heavily on these domestic systems for the transportation and distribution of goods.  

Hence, it leads to vulnerabilities in the supply chain.  

To mitigate these risks, logistics companies should explore multiple transportation channels, including rail, road, air, and sea. Diversifying transportation options can mitigate this risk. 

- Third-Party Security Vulnerability and Digital Supply Chain Resilience

Dependence on third-party service providers and the digitalization of logistics processes introduce security vulnerabilities.  

Ensuring digital supply chain resilience is essential to protect sensitive data.  

Easy to Implement Solution for Supply Chain Challenges: 

What is TraQSuite?

Our team at TRAQSUITE, an excellent technology solution, named TraQSuite. It is meticulously designed to tackle the multifaceted challenges and risks that permeate the supply chain landscape.  

This complete software is armed with a suite of features, all aimed at enhancing your supply chain operations: 

- Real-time Tracking with Geo-tagging

Our software provides real-time tracking of shipments, allowing you to monitor the location and condition of your goods throughout the supply chain.  

Geo-tagging ensures precise location data. Hence, you can anticipate and address delays proactively.

- Digitization at the Source

Our software allows for the digitization of crucial supply chain documents and information right at the source.  

This streamlined process reduces manual data entry, minimizes errors, and ensures a smooth data flow throughout the supply chain, enhancing collaboration and data synchronization.

- Extensive Reporting Capabilities

TraQSuite offers robust reporting capabilities, providing insights into various aspects of supply chain operations. It includes performance metrics, cost analysis, compliance reporting, etc.  

These reports empower you with the data to make informed decisions and optimize your operations.

- Cost Savings through Automation

TraQSuite places automation at the forefront of supply chain operations.  

By automating numerous manual and time-consuming tasks, the software substantially reduces labor costs and minimizes the risk of errors.  

Furthermore, it optimizes routes and implements efficient inventory management processes, contributing to substantial cost savings and improved profitability.

- Seamless Software Upgrades

Understanding the importance of keeping your supply chain operations up-to-date with the latest technology and features, we thoughtfully design TraQSuite to facilitate seamless software upgrades.  

It ensures your business stays ahead of the curve in an ever-evolving supply chain landscape, adopting the latest advancements to maintain your competitive edge.

How to enhance your supply chain operation?

Let’s take a closer look at how you can use TraQSuite to address the challenges and risks posed to supply chain management: 

- Real-time Tracking for Risk Mitigation

Our software’s real-time tracking feature allows you to monitor the location and condition of your shipments as they move through the supply chain.

It not only enables you to maintain better control over your operations but also proactively identify and mitigate risks.

- Geo-tagging to Anticipate and Address Delays

Using geo-tagging in TraQSuite ensures you have precise location data for your shipments.  

This information helps you anticipate and address delays, allowing you to take corrective action in real-time, thereby reducing the impact of unexpected delays on your supply chain.

- Automation for Cost Control and Savings

Automation is a central pillar of our software, significantly reducing labor costs and minimizing the risk of errors. 

TraQSuite automates numerous manual and time-consuming tasks, such as data entry and route optimization. 

The result is substantial cost savings, making your supply chain operations more efficient and cost-effective. 

- Source Digitization for Seamless Collaboration and Data Syncing

TraQSuite’s digitization capabilities start at the source, allowing for the digital transformation of essential supply chain documents and information. 

It significantly reduces the risk of errors and ensures that data flows seamlessly throughout your supply chain operations. 

- Efficient Logistics to Tackle Rising Freight Prices

Rising freight prices pose a significant financial challenge in supply chain management.  

TraQSuite’s automation, route optimization, and real-time tracking capabilities contribute to efficient logistics.  

It helps you minimize the impact of rising freight prices and ensure cost-effective operations. 

- Extensive Reporting for Improved Demand Forecasting

TraQSuite’s reporting capabilities offer insights into various aspects of supply chain operations, including performance metrics and cost analysis.  

With this data, you can make more accurate demand forecasts, allowing for better inventory management and cost control.

Drawing the Roadmap to Supply Chain Excellence

In an ever-evolving global supply chain landscape, TraQSuite emerges as a beacon of hope.  

Several benefits position TraQSuite as a crucial software for companies seeking to thrive in the intricate world of supply chain management. 

As the supply chain industry adapts to new challenges and opportunities, embracing technology solutions like TraQSuite can pave the way for a brighter, more efficient future in supply chain operations.  

Our software solution is driven by real-time tracking, digitization, and extensive reporting capabilities.  

Our technology empowers you to navigate the complexities of supply chain management confidently and successfully.

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What Are the Key Benefits of Navigating Logistics with Software?

What Are the Key Benefits of Navigating Logistics with Software?

Logistics and supply chains are the lifeblood of the global economy. This sector is rife with several challenges, such as inventory issues, regulatory challenges, etc.

Navigating these obstacles is essential to ensure the seamless movement of goods in the global supply chain.  

In this context, logistics software solutions emerge as a game-changer for navigating logistics.

In this blog, you can discuss how logistics software helps address the challenges and risks associated with logistics.

What are the Challenges Associated with Navigating Logistics?

Start with exploring various challenges you may face in navigating logistics:

- Inefficient Transportation Management

Inefficient transportation management is a common challenge in logistics. Optimizing routes, minimizing fuel consumption, and ensuring timely deliveries are complex tasks that require advanced technology and expertise.

A study states that 60% of businesses have lost customers due to transportation delays.

- Inventory Management Issues

Balancing inventory levels is critical to meet customer demand without incurring unnecessary holding costs. Lack of visibility into inventory can lead to stockouts or overstock situations.

You must know that 45% of businesses say they have stockouts at least once a month.

- Customs and Regulatory Challenges

Global logistics involves navigating complex customs and regulatory requirements, which can lead to delays and compliance issues if not managed effectively. According to a study, 25% of shipments are delayed due to customs clearance issues.

- Lack of Visibility

A lack of real-time visibility into the supply chain can result in a loss of control and poor decision-making. Accurate tracking and tracing of goods are essential for efficient operations. According to 30% of businesses, they have lost customers due to a lack of visibility into their shipments.

- Operational Inefficiencies

Operational inefficiencies can arise from manual processes, poor communication, and a lack of coordination among supply chain partners. These inefficiencies impact both cost and service levels.

Moreover, 60% of businesses say they have operational inefficiencies in their logistics operations.

What are the Major Risks Associated with the Global Supply Chain?

Here are the significant threats affecting the global supply chain: 

- Threat from New and Emerging Competitors

The logistics industry is evolving, and new and emerging competitors are disrupting traditional models. Companies must stay agile and innovative to remain competitive.

Moreover, a study found that 80% of global trade is now concentrated in just 12 supply chains, making them vulnerable to disruption from new and emerging competitors.

- New Technologies Obsolescing Existing Transport Infrastructure

Advancements in technology, such as autonomous vehicles and drones, have the potential to disrupt traditional transport infrastructure, making it crucial for logistics companies to adapt.

- Increased Complexity of Regulation

Global trade regulations are steadily growing in complexity, presenting a formidable challenge for logistics operations. Adherence to these intricate rules is no longer a choice but a necessity. Failure to comply can result in costly penalties and disruptive delays. Businesses must invest in compliance management and stay informed about regulatory changes. 

- Over-Dependence on National Infrastructure

Relying too heavily on national infrastructure can lead to vulnerabilities in the supply chain. To mitigate these risks, logistics companies should explore multiple transportation channels, including rail, road, air, and sea. Diversifying transportation options can mitigate this risk. 

- Third-Party Security Vulnerability and Digital Supply Chain Resilience

Dependence on third-party service providers and the digitalization of logistics processes introduce security vulnerabilities. Ensuring digital supply chain resilience is essential to protect sensitive data.

A study found that 59% of organizations that suffered their first cyberattack did not have a response strategy.

What is TraQSuite, and How Can it Help in Navigating Logistics?

TraQSuite is developed by our team at TRAQSUITE. It is a cutting-edge logistics software solution meticulously crafted to tackle the myriad challenges and risks inherent in the complex logistics landscape.

We have harnessed advanced technology to equip TraQSuite with a comprehensive suite of features, all aimed at enhancing your logistics operations: 

- Real-time Tracking with Geo-Tagging

TraQSuite provides real-time tracking of shipments. It allow you to monitor their goods’ location and condition throughout the supply chain. Geo-tagging ensures precise location data. 

- Digitization at the Source

Our software allows for digitizing key logistics documents and information at the source. It reduces manual data entry, minimizes errors, and streamlines data flow. 

- Extensive Reporting Capabilities

TraQSuite offers robust reporting capabilities, providing insights into various aspects of logistics operations. It includes performance metrics, cost analysis, and compliance reporting. 

- Digitally Capturing Customer Feedback via Audio and Video

Our software allows for capturing customer feedback through audio and video recordings, enhancing the quality of service and resolving issues efficiently. 

What Are the Benefits of TraQSuite Software?

With TraQSuite, our cutting-edge logistics software solution, your logistics operations can reap many benefits, significantly enhancing your navigation of the intricate logistics landscape.

This innovative software equips your business with the tools and capabilities necessary to excel in today’s competitive environment: 

- Cost Savings through Automation

TraQSuite places automation at the forefront of logistics operations. By automating numerous manual and time-consuming tasks, the software substantially reduces labor costs and minimizes the risk of errors.

Furthermore, the optimization of routes and the implementation of efficient inventory management processes further contribute to substantial cost savings, improving your bottom line. 

- Seamless Software Upgrades

We understand the importance of keeping your logistics operations updated with the latest technology and features.

TraQSuite is thoughtfully designed to facilitate seamless software upgrades, ensuring your business stays ahead of the curve in an ever-evolving logistics landscape. 

- Effortless Integration

TraQSuite is designed to integrate seamlessly with various existing systems, including Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) software.

This compatibility makes it easier for companies to adopt and benefit from the solution without disruptions, enabling a smooth transition and enhancing logistics operations. 

- Data Backup and Recovery

Data security is paramount in today’s digital age. TraQSuite prioritizes the safety of your critical logistics data. The software ensures efficient data backup and recovery procedures, significantly reducing the risk of data loss and providing peace of mind in unforeseen incidents. 

- Reduced Space Requirements

Efficient inventory management and streamlined logistics operations can lead to a substantial reduction in storage space requirements.

This space-saving feature optimizes your warehouse utilization and translates into tangible cost savings associated with warehousing. 

- Financial Reporting

TraQSuite goes a step further by providing comprehensive financial reporting. These detailed reports offer insights into your logistics financials, enabling better cost analysis and budget management.

Informed decision-making becomes more accessible, ultimately enhancing financial control over your logistics operations.

- Customer Satisfaction

We recognize that customer satisfaction is a driving force behind business success. TraQSuite contributes to customer satisfaction through improved tracking and visibility, timely deliveries, and responsive customer service.

As a result, TraQSuite enhances overall customer satisfaction, fostering repeat business and positive referrals, ultimately fueling the growth of your logistics operations.

Transforming Logistics: A Bright Future with TraQSuite

In an ever-evolving global logistics landscape, TraQSuite emerges as a beacon of hope. Our software addresses challenges and mitigating risks associated with the supply chain.

 

The benefits of our logistics software solution are cost savings, seamless upgrades, effortless integration, and more. Hence, these benefits make our software crucial for companies seeking to thrive in the complex world of logistics. 

 

As the logistics industry adapts to new challenges and opportunities, embracing our advanced technology solutions, TraQSuite can pave the way for a brighter, more efficient future in logistics operations.

 

Driven by real-time tracking, digitization, and extensive reporting capabilities, our logistics software empowers you to navigate logistics confidently and successfully. 

Blockchain, AI, and IoT: A Perfect Match?

Blockchain, AI, and IoT: A Perfect Match?

Blockchain technology, the Internet of Things (IoT), and Artificial Intelligence (AI) are now widely acknowledged as disruptive technologies with the ability to enhance current business processes, establish new business models, and disrupt entire sectors. By offering a shared and decentralized distributed ledger, blockchain, for example, can improve trust, transparency, security, and privacy in corporate processes.

Purpose of Blockchain, IoT and AI:

Until now, the interconnectedness of these three advancements has been overlooked, and Blockchain, IoT, and AI have been used in isolation. These advances, on the other hand, may and should be used in tandem, and they will merge in the future. IoT collects and gives data, Blockchain provides infrastructure and establishes engagement rules, and AI optimizes processes and rules, according to one conceivable connection between these technologies. 

The Convergence of Blockchain, IoT, and AI

Blockchain technology was exclusively considered in the context of payments until a few years ago, i.e., Bitcoin and Ether, however, non-financial applications of blockchain technology, such as supply chain management and digital identities, have emerged in recent years. 

For example:

1. New studies have emerged that highlight the use of Blockchain technology to improve the system infrastructure of various IoT devices. They outline how the architecture of blockchains can be modified such that the resulting infrastructure is better equipped to serve IoT devices, especially with respect to the speed of transactions. 

 

2. Besides focusing on Blockchain in connection with IoT, some studies also focus on the combination of Blockchain and AI. To date, the focus has been on linking Blockchain with one other breakthrough technology, such as IoT or AI, rather than implementing all three technologies at the same time. The actual potential of these new, developing technologies, however, will only be realized if they are merged. 

Conclusion:

Blockchain, IoT, and AI are all technologies that can be used in a variety of ways. We believe that these advancements will converge because the combination of these technologies will boost business models, products, and services. 

Benefits:

How can TraQiQ help?

At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us.

Technologies that are Shaping the Future of the Pharmaceutical Industry

Technologies that are Shaping the Future of the Pharmaceutical Industry

Adopting cutting-edge technologies can play a critical part in the pharmaceutical industry’s digital revolution. Capturing this opportunity, however, necessitates the identification of the appropriate initiatives.

Artificial Intelligence (AI), Machine Learning (ML), Augmented Reality (AR), Virtual Reality (VR), the Internet of Things (IoT), and Blockchain are among the innovations that are beginning to transform the pharmaceutical industry in the same way that they have transformed other industries such as media, retail, banking, telecommunications, education, and so on.

Here are a few emerging technologies that are already reshaping the pharmaceutical sector:

Artificial Intelligence (AI) and Machine Learning (ML)

Artificial intelligence and machine learning are without a doubt the pharmaceutical industry’s next big thing. In the healthcare industry, AI is already being utilized to perform repetitive jobs such as data entry, lab test analysis, data management, and so on.

ML is also utilized in disease identification and diagnosis, radiography and radiation planning, clinical trial research, personalized medicine, rare disease identification, and new medication development, among other applications.

AI and ML are likely to be integrated into the majority, if not all, pharmaceutical R&D processes. As a result, drug development success rates should improve and streamline R&D efforts.

IoT Integration

IoT has tremendous potential to benefit the pharmaceutical business. By identifying difficulties and making adjustments before they pose a problem, a network of connected devices with monitoring sensors can reduce the risk of machinery malfunctions and ensure precision output.

IoT integration can help the pharmaceutical industry’s manufacturing sector, for material tracking and management, and even in the manufacturing process of medications. Furthermore, IoT-enabled data-gathering devices can find at shipping and receiving stations, collect information from RFID tags and barcodes, and correlate data from numerous places to ensure consistency.

Omnichannel payment processing

Payment processing based on omnichannel will unlock considerable benefits, such as boosting customer loyalty and happiness, enabling enhanced sales efficiency, and preventing fraud, for many merchants who handle several retail channels and formats. The best method to offer payment processing is to provide a uniform customer experience across numerous channels and locales.

Blockchain

Cryptocurrency and blockchain technology are poised to become a fundamental vehicle of value exchange, despite their tumultuous and unconventional reputations. Blockchain technology should be adopted by the financial world and implemented in specific use cases.

Artificial Intelligence

Artificial intelligence (AI) applications are increasingly disrupting today’s commercial environment. Chatbots, which can arrange and perform basic transactions using simple voice commands, is one example in the payment business.

Focus on Customer Experience

Customer experience is at the heart of the payment revolution. Institutions are increasingly required to use new technology and harness digital innovation to improve the customer’s payment experience.

How do you keep up with payment technology?

To meet client demand and stay ahead of (or at least keep up with) the competition, it’s a good idea to keep up with the latest payment technology. Although switching to new payment methods may require some upfront expenditure, it may wind up saving you money in the long run.

How can TraQiQ help?

TraQiQ offers digital solutions to help large corporations across the world serve their customers better. A robust mobile wallet enables users to manage and control finances through a convergent platform where they can virtually store and use financial assets. TraQiQ also offers solutions that payment service providers need to launch and scale their businesses.

We are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. 

How Technology Trends are Shaping and Disrupting the Insurance Industry

How Technology Trends are Shaping and Disrupting the Insurance Industry

Have you ever attempted to verify the status of an insurance claim? Obtaining claim status information frequently necessitates multiple phone calls, emails, or even a visit to an agent. Customer satisfaction suffers because of a lack of web presence. Today, approximately 61% of clients want to track the status of their applications using digital technologies.

Digital technologies bring several disruptive trends to the insurance business such as personalization, the shift to a platform economy, automation, and real-time based estimates. 

AI, IoT, Blockchain, API, wearables, and Telematics are emerging technologies that have shaped tech trends and should be embraced to stay ahead of the competition as it enables insurance companies to provide a better customer experience while also increasing operational efficiency. 

So, which features will have the greatest impact?

One of the biggest challenges when dealing with technology is accountability, which is why Tech must be explainable, and more importantly, Data use must be accountable. 

Insurers, for example, cannot keep customers in the dark about how artificial intelligence (AI) algorithms make decisions that influence their life, such as premium pricing, claim rejections, or job applications.

And, as businesses collect data via multiple monitoring apps and digital channels, they must also consider and shield people’s privacy and security concerns.

Making the move to digital business models and customer experiences will be difficult unless insurers can gain the trust of customers, employees, and intermediaries that digital technology is being used in a way that benefits them. 

As many technological models hit their breaking point, they presage a larger transition that organizations must be aware of- people will no longer be spectators in the face of technology. The ability of insurance firms to improve the human experience by providing individuals agency in their interactions with technology will be critical to the success of the next generation of products and services. 

How can TraQiQ help?

At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. 


For more information regarding our services please contact us

Blockchain: Creating a Global Network without Geographic Limitations

Blockchain: Creating a Global Network without Geographic Limitations

Blockchain, a relatively new technology, has emerged in recent years and has begun to gain popularity in a wide range of businesses. This technology is frequently hailed as having the potential to recreate how “trust” is perceived in the economy by eliminating the need for intermediaries such as banks and replacing them with mathematics or “code.” It is one facet of a complex digital ecosystem that is changing the way businesses, markets, and regulators interact. 

While Blockchain impacts the financial industry in a diverse number of ways, it has an untapped potential to disrupt the old concept of trade finance by allowing it to transcend local, state, and national borders. 

Through Blockchain we can get rid of all those layers and just pay for what matters, which is the product or service we require. 

Let us have a look at how Blockchain technology has helped make the world a smaller place for businesses in the Fintech Industry and trade finance: 

Trade finance exists to help exporters and importers manage risks, offer loans, and participate in international trade. Even though it is an important aspect of the global financial system, it usually uses outmoded, manual, and written paperwork. Importers, exporters, and other stakeholders can benefit from Blockchain’s ability to streamline and simplify the complicated world of trade finance. 

How can TraQiQ help?

At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. For more information regarding our services please contact us.

How decentralization in Blockchain technology is Disrupting the Finance Industry

How decentralization in Blockchain technology is Disrupting the Finance Industry

Blockchain technology has the potential to improve basic services in the Finance industry. It is based on a decentralized, digitalized, and distributed ledger model at its core. This is stable and safer than the proprietary, centralized models currently used in the trade ecosystem. 

What is the concept of decentralization in Blockchain?

The transition of control and decision-making from a centralized entity (individual, organization, or group thereof) to a distributed network is referred to as decentralization in Blockchain. Decentralized networks aim to minimize the amount of trust that participants must put in one another and limit their ability to assert power or influence over one another in ways that are detrimental to the network. 

Blockchain technology provides a way for untrusted parties to come to agree on the status of a database, without using a middleman. By providing a ledger that nobody administers, Blockchain could provide specific financial services without the need for a bank. 

Blockchain: The role of DLT in financial services

Blockchain’s cousin, “distributed ledger technology (DLT),” could help corporations develop better governance and standards around data exchange and collaboration for use cases that don’t require a high degree of decentralization. 

The distributed ledger, created by Blockchain technology, is a viable, decentralized record of transactions that can replace a single master database. It holds an everlasting record of all transactions, which can be traced back to its source. This is also known as provenance, which is critical in trade finance as it allows financial institutions to review all transaction steps and reduce fraud. 

Benefits of decentralization in Blockchain:

1. It creates a trustless environment: No one needs to know or trust someone else in a decentralized Blockchain network. In the form of a distributed ledger, each member of the network has a copy of the same data. 

 

2. Payments: Blockchain technology could allow faster payments at lower rates than banks by creating a decentralized ledger for payments (e.g., Bitcoin).

 

3. Clearance and Settlement Systems: Distributed ledgers reduce operating costs while bringing us closer to real-time financial transactions. 

 

4. Loans and Credit: By eliminating the need for gatekeepers in the loan and credit industry, Blockchain technology will make borrowing money safer and more affordable. 

 

5. Blockchain-equipped applications allow people to control their own digital identities and data. Today, social media outlets, businesses, and other organizations sell this information for a profit, with no benefit to the user. A decentralized approach would help make it equitable for all. 

 

6. Applications that offer urgent international or emergency assistance to those in need without the involvement of a bank, government, or third-party agency are notable examples.

Over the last decade, Blockchain technology has gotten a lot of recognition, moving beyond the praise of fringe Bitcoin enthusiasts and into the mainstream discourse of banking experts and investors. Anything from payment transfers and how capital is earned in the private sector is being transformed by Blockchain. Will the conventional Finance industry accept or be replaced by this technology?  

A decentralized, Blockchain-based innovation makes managing international trade payments more reliable, cost-effective, and less risky. This approach improves transparency by allowing all stakeholders to see the data and reports in real-time. At TraQIQ, we are well-versed in emerging technologies such as AI, Analytics, Machine Learning, and Blockchain. We can assist you in advancing to the next stage of your digital transformation ladder based on needs and specifications for different domains. Please contact us at https://www.traqiq.com/#contact for more information about our services. 

How Blockchain Technology is Revolutionizing the Fintech Industry

How Blockchain Technology is Revolutionizing the Fintech Industry

Blockchain-based Fintech may be the next step in the financial industry’s evolution, which is likely to remove the middleman, increase transparency, and increase the protection of each transaction. Many industries are looking for ways to incorporate Blockchain into their infrastructures. But what makes this emerging technology the obvious choice for businesses to succeed in the digital age? 

Let us take a closer look at Blockchain technology and see how it can benefit businesses in the Fintech industry: 

Improved Transparency:

The fact that the transaction ledger for public addresses on Blockchain is open to viewing is its most distinguishing feature. This introduces an unparalleled layer of transparency to financial structures and companies, keeping each segment of the company accountable to behave with honesty in the company’s development, culture, and customers.

Improved Security:

Since each new transaction is encrypted and connected to the previous transaction, Blockchain is much safer than other record-keeping systems. As the name implies, Blockchain is created by a network of computers coming together to validate a ‘block,’ which is then added to a ledger, forming a ‘chain’. Blockchain is made up of a complex string of mathematical numbers that cannot be changed once created. The irreversible and incorruptible existence of Blockchain protects it from tampering and hacking. 

Trust through collaboration:

What if there was a way to bind business partners directly, virtually without effort, and with near-complete trust?

Blockchain technology has created a modern business relationship platform that incorporates ease of use, low cost, and high security. It establishes a new foundation of confidence for business transactions, which could lead to significant economic simplification and acceleration. 

E.g.: How many people like paying commission to intermediary parties? None. With a Blockchain-enabled infrastructure financial transactions can be real-time, secure, and at much-much lower fees. 

How is the Financial Ecosystem being transformed by Blockchain?

From cost savings to reducing bureaucracy in conventional banking, Blockchain in Fintech will provide more streamlined and reliable banking services that support both the bank and the clients.

 

To allow Fintech businesses to exchange and move safe and unaltered data via a decentralized network, Blockchain aids in the management of data breaking and other fraudulent operations. It will assist in making data more secure with algorithms, even when encrypted, as well as better tracking, comprehending, and auditing AI decisions, ensuring the degree of accountability needed for people to trust machine-driven intelligence. 

Furthermore, Blockchain technology has the potential to eradicate questionable capital exchange practices like stock tampering, processing time and fees, and all intermediary commissions.

 

Based on the principles of equity and decentralization, Blockchain in the Fintech industry will provide us with a much more seamless and reliable alternative to banking.

We are just scratching the surface of Blockchain’s future applications, but it is obvious that this technology elevates business partnerships to a whole new stage. Here are a few instances that are currently in use or will be soon. 

Music and literature, for example, frequently take a long time to get from the artist to the customer. Countless middlemen, from the label to the salesperson, all want a piece of the action. There are also permits and concessions to consider, as well as the complicated copyright management of online platforms. Direct communication between artist and user is possible with Blockchain. 

Supply chains can go through a plethora of stages from raw materials to finished products in many different parts of the world, making them difficult to track. By checking each move with a block entry, Blockchain helps to make the process transparent. 

How can TraQiQ help?

At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder. 

 

For more information regarding our services please contact us

Making Money with Blockchain

Making Money with Blockchain

Blockchain technology has been one of the hottest trends in the finance sector, with the potential to completely transform business models in a number of sectors. Blockchain works similarly to a massive digital ledger/spreadsheet, which is shared by all the members of a decentralized network. While blockchain technology is most frequently associated with confirming Bitcoin payments, it has evolved into a complete technology platform based on adapting decentralized ledgers for operations. 

So, how does one make money with this new technology platform? 

Just as many investors have taken advantage of the opportunity to stockpile gold in anticipation of the rising price, other investors are taking advantage of the opportunity to stockpile Bitcoin and a variety of other coins. 

The transparency and security of blockchain technology makes it attractive for use in a variety of different cases far beyond cryptocurrencies. It can be used in everything from stock trading to ride-sharing to data security. 

As we move to the mainstream corporations, global entities continue to embrace the technology underlying bitcoin but that many blockchain projects have moved beyond the theoretical or testing phase, to producing real transactions, costs savings and other benefits. There are multiple opportunities that leverage the core underlying technology platform, the digital currency and the significant productivity and process improvements that are resulting from it. Investing in these companies is likely to produce solid long-term gains. 

The improvements in speed and security could be revolutionary as transaction times and trade costs decrease. You could even use blockchain to track property ownership in less developed nations and prevent concert or sports ticket counterfeiting right here in the United States. 

Specifically, there are the companies that make chips and hardware for crypto mining. There are publicly traded companies that engage in actual cryptocurrency mining. Miners are rewarded with crypto for performing this service and can then sell it on the open market for profit. The gains are then passed on to shareholders. 

Blockchain is based on a decentralized network. As a result, cloud-based technology companies are in an ideal position to take advantage of the growth of blockchain. Cloud-based companies that provide blockchain services will be a strong bet for growth down the road. 

Blockchain is poised to disrupt the payment processing industry. It could cut out middlemen – companies like Visa, Mastercard & AmEx – by processing transactions more efficiently. Look for the older players to either take advantage of blockchain and adapt – or find themselves in big trouble.

There are even penny stocks for cryptocurrency. While Bitcoin is definitely the most well-known digital currency, there are a variety of specialty coins that have emerged over the last 10 years. In addition to investing in coins, there are a number of young companies that are investing in Blockchain and are listed on the junior exchanges. These companies offer exciting opportunities for growth to investors. 

Crowdfunding, Angel funding, and investing in startups is certainly not new concept. There has been a tremendous amount of interest in investing in startups built on blockchain technology. As Bitcoin has become increasingly popular and accepted by more mainstream businesses, the number of entrepreneurs interested in experimenting with the technology behind the cryptocurrency has skyrocketed. Yet, as is the case with any other new venture, such startups need funding. 

Blockchain technology’s cost and speed efficiencies, along with its transparency and security, will likely lead many companies to adopt the technology. Getting in on blockchain stocks now is a great way to be on the ground floor when the technology really takes off. 

TraQiQ has begun the process of moving the core platform for supply chain to Blockchain. As the company moves to leverage the power of transactions on this platform, it is likely that the Digital Currency component will play a significant role in fulfilling these transactions. 

Will Blockchain Fail?

Will Blockchain Fail?

Blockchain technology, like other innovative breakthroughs, is continuing to undergo a prototyping, testing and adoption phase. Aside from the attention that Blockchain and Bitcoin have received in recent years, the technology platform offers the potential for radical innovation and solving truly complex global problems. 

Blockchain gained significant momentum as a technology solution for decentralized and democratized transactions. IDC suggests that Blockchain spending will grow to #12.4 billion in 2022. The technology is clearly maturing, and a lot of real-world applications are in production, including at companies like Uber. 

There are also tremendous opportunities in the world of real estate. In cities like Paris and Manhattan, where condos cost several million dollars, there are tokenization projects that run into the hundreds of millions of dollars. This allows someone with a few dollars to own a small piece of Manhattan. This has implications for the entire asset management industry. 

So, why would blockchain fail? 

Blockchain projects are not really failing. Progress is slower than many other technological innovations. There is a significant lack of technical training. There are also issues with the general lack of cyber hygiene. 

In most technology organizations, a successful Blockchain deployment needs substantial change in the legacy systems. The classic architecture models won’t necessarily work. The way Blockchain succeeds is in redefining some of the relationships between the stakeholders. This lack of vision and understanding plagues many blockchain projects. 

For this, a clear organizational vision and deep technical and strategic understanding of where blockchain is fit for purpose can go a long way. 

The billions lost in cryptocurrency due to deliberate, inadvertent or fraudulent loss of private keys is another example of this problem. 

For now, Blockchain needs to move to the background. As the shine wears off, it is likely that the true power of the platform will emerge. We will see path-breaking and disruptive use cases – most that have not been created yet. They will need to plug into or bring along the legacy systems, especially in larger companies where there is a significant investment in legacy systems. 

TraQiQ has begun the process of moving the core platform for supply chain to Blockchain. As the company moves to leverage the power of transactions on this platform, it is likely that the Digital Currency component will play a significant role in fulfilling these transactions. 

Blockchain: Foundation for the Future

Blockchain: Foundation for the Future

Is it possible to connect 8 billion people across the world and enable them to do 1:1 transaction in a scalable, secure and convenient way? 

Well, yes… in due course. 

We live in a world of small transactions. We get a car via Uber. We rent a room or an apartment via Airbnb. However, if you really think about it, the transaction is between 2 individuals – one who needs a car and one who has a car. 

Big economy companies like Uber and Airbnb have heralded a new era of transactions and commerce. The current generation of users lead a slightly different life than the previous generation – they ride with Uber, pay with Venmo, and have food delivered by Grubhub. If you really think about all these small transactions that they are conducting, a few thoughts come to mind – 

So, why do we need companies to facilitate these transactions? Do they really deserve 30-40% of the transaction value? 

Visa and Mastercard have earned billions of dollars by taking a small percentage of transaction value for decades. 

Exploring Blockchain provides some key answers. 

There is a maturation process for Blockchain. There are issues…. 

As technology matures and there is widespread adoption, there will be tremendous growth, as everyone on the planet becomes a node and transacts with other nodes. There will be contracts, payments and relationships. Why does a user need to rely on AmEx membership points? Why not use the Blockchain model to build a model for loyalty points? 

So, will companies like Airbnb and Uber go away? No, they play a vital role in our ecosystem. They help facilitate the transaction. They recruit drivers and homeowners, certify them and make sure that suitable security elements are in place. They also have technology that works globally. They will stay – however, as individuals start acting as Blockchain nodes, it is likely that they will not want to pay that 30+% for these facilitators. Perhaps a one-time charge of a few hundred to get certified.

Blockchain offers us a lot of potentials – starting with decentralized apps. We have seen innovative solutions in 1:1 transactions in the supply chain. However, Blockchains are limited in their ability to scale today. But there is a tremendous amount of innovation that we are yet to see. 

TraQiQ has begun the process of moving the core platform for supply chain to Blockchain. As the company moves to leverage the power of transactions on this platform, it is likely that the Digital Currency component will play a significant role in fulfilling these transactions.